The COVID 19 pandemic has brought about a financial situation which none of us has ever experienced. The sheer size of the pandemic and the ruin it has destroyed on economies all around is uncommon. Never has the world gone in a complete shutdown mode not in any event, during the extraordinary wars.
Nonetheless, incredible unsettling influences bring extraordinary disturbances and extraordinary interruptions bring extraordinary chances and better approaches for achieving objectives. Organizations everywhere throughout the world have endured hugely and the little and medium ventures are the hardest hit. Numerous organizations won't endure and those that do will have a long excursion to recuperation. There are a few points of reference that we can swear by, which however not of similar greatness do at present give signs on the markers we have to locate on the long way to recuperation.
From not considering washing our hands a necessity to washing them 5 times a day we have come very far. While this pandemic has greatly affected everyone there is absolute clarity that the conditions after the end of the pandemic can never be the same. You can’t be going back completely to the way you used to live and make your livelihood. There is for sure going to be new strategies and ways of life you would have to apply to adjust with this new normal post lockdown.
Some minor but important life changes you will face post the lockdown are-
Lower consumption
In the past few months, almost everyone has realized that it is not a compulsion for us to buy things every week. We have survived the last months in all that we had and just brought the necessities. This also leads to a major saving of money when all of us had financial problems due to the pandemic. Thus over consumerism would decrease because a lot of people have realized the importance to fulfil what they need and not what they want.
Homeschooling
With the fear of the pandemic and the physical classes coming to halt online classes has been the only resort of imparting knowledge to all the students. While online classes are not the most favourable option for learning and the most convenient one all parents will surely resort to homeschooling even though the pandemic get over at least for most primary classes.
Work from home
This pandemic has forced everyone to continue to work from home. Everyone has now been used to working from home and even though the pandemic is over it is not completely safe and practically possible to bring all the employees to the offices again. Social distancing remains a key factor while the pandemic is over.
Physical to digital
There were a lot of companies and small businesses who relied on the physical presence for the major functioning of the company. This pandemic challenged them to move their approach from physical presence to a more digital arena. This digital presence is now the essence of most businesses and is a much better way to reach out to big strata of people.
These all are the major life changes we will face in the future but some of the strategies which could make the new normal a bit easier for you to get through and could help with seeking direction for your businesses in the unlock are-
Short term and long term strategies
It is critical to think over again and once more. This isn't where a simple methodology reset will work. It will be a lengthy, difficult experience to recuperation and we should have a transient technique for endurance and a drawn-out procedure to remake and work together unexpectedly. Contingent upon how long the shutdown proceeds, the momentary methodology needs to concentrate on endurance first.
Indeed, even enormous organizations should think like new companies as far as holding money and reducing expenses.
As far as long term technique, this stun has shown us not to underestimate anything.
Technology boom
This crisis will lead to a huge acceleration in technology development in all spheres of business. Just like wartime gives rise to new technology, this pandemic will give a fillip to the pace of technology change and we must be not only prepared to adapt and change but to be the harbinger of this change. This is our chance as a developing nation to catch up on missed opportunities in the past. We have already seen the rapid rise of communication platforms like Zoom and the OTT platforms in the entertainment space thus there is no better opportunity.
Fixed cost and variable cost
We should relook at our organizations once more and change fixed cost structures to variable cost structures at every possible opportunity. Staff remuneration should be relooked at in a new light and execution rewards dependent on individual and friends execution should be an enormous piece when contrasted with fixed compensation. Additionally, seller contracts, proficient administrations and non-centre exercises like bookkeeping, HR and organization can be moved to re-appropriated models which would make them more factor costs instead of their present fixed nature.
Redundancies
We should manufacture redundancies at every possible opportunity. The current emergency has indicated that assembling associations which didn't have redundancies regarding gracefully chain were the hardest hit. Much the same as the mid 90's' instructed us to have offsite information stockpiling and mirror workers to keep our IT framework operational during possibilities, We have to construct redundancies in our business procedures to make them adaptable to challenges.
Cash and capital
We should hope to constrain and decrease influence in capital organizing at every possible opportunity. Influence and obligation are extraordinary choices in an expansionary economy yet the equivalent organizing hits hard amid long haul withdrawal. Money is the best and should be saved until there is greater lucidity on the length of this emergency.
Tough situations don't last, tough individuals, do. We are confronted with such a situation and we need to be both alerts to face the hardship and instinct to snatch the open doors that this presents. We should be prudent and conclusive in our excursion forward, for one thing, is sure in these questionable occasions that we will cruise through this pandemic with new opportunities, a diverse mentality and something differentiating to the recent monotonous months of the pandemic.
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